By Matt Artz
Sunday, November 2nd, 2008 at 9:36 am in Uncategorized.
I also followed up with Washington about how much money they have with Fremont Bank, after two bank executives started a committee that has raised money to re-elect the two board incumbents.
Here’s what hospital spokesman Chris Brown had to say:
As I stated previously, there are no bond funds at Fremont Bank; these are all held at Union Bank. We have several operating accounts at Fremont Bank, which represent 2.8% of our cash and investments as reflected in our recently audited financial statements (I have attached a copy to this e-mail). These are the type of funds that are used for daily operations, such as payroll and accounts payable and fluctuate on a daily basis. Fremont Bank acts also as a custodian of a portion of the Hospital’s investments, which represents 40.1% of the Hospital’s investment portfolio. Fremont Bank has no influence or decision-making regarding these investments and derives no income from them other than a standard custodial fee. Our investment managers are from two organizations called Payden and Rygel and Wellington Management. We have no loans with Fremont Bank. We also have banking relationships with Union Bank, Wells Fargo Bank and the Local Agency Investment Fund.